Theinsuranceindustryandthefinancialcrisis：保险业与金融危机

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1、TheinsuranceindustryandthefinancialcrisisLondonInsuranceInstituteLondon,17March2010Prof.KarelVANHULLEHeadofInsuranceandPensionsFinancialcrisisandinsuranceInsurerswentthroughthecrisisrelativelyunharmedStrongcashflows,long-termliabilitydriveninvestmentpolicies,stablecustomer

2、baseInsurersthathadproblemswereinvolvedinextensivebankingorcreditoperationsLackofproperriskmanagementhasbeenanissueinanumberofcasesActionsundertakenCloseco-operationinthecontextofG20,FinancialStabilityBoardandJointForumECOFINactionplanProposaltoimprovethesupervisoryarchitec

3、tureintheEUQuestiontoallpartiesconcernedwhetherSolvencyIIneededtobechangedRecapitulation:WhySolvencyII?PresentcapitalrequirementsarenotsufficientlyrisksensitiveGroupsupervisionisnotdealtwithinitsownrightMoreefficientcapitalallocationwouldallowinsurerstotakeonmorerisksSuperv

4、isoryconvergencemustbestrengthenedSolvencyII:3pillarsandaroofPillar1:quantitativerequirements1.Harmonisedcalculationoftechnicalprovisions2."Prudentperson"approachtoinvestmentsinsteadofcurrentquantitativerestrictions3.Twocapitalrequirements:theSolvencyCapitalRequirement(SCR)

5、andtheMinimumCapitalRequirement(MCR)Pillar2:qualitativerequirementsandsupervision1.Enhancedgovernance,internalcontrol,riskmanagementandownriskandsolvencyassessment(ORSA)2.Strengthenedsupervisoryreview,harmonisedsupervisorystandardsandpracticesPillar3:prudentialreportingandp

6、ublicdisclosure1.Commonsupervisoryreporting2.Publicdisclosureofthefinancialconditionandsolvencyreport(marketdisciplinethroughtransparency)Groupsupervision&cross-sectoralconvergenceGroupsarerecognisedasaneconomicentity=>supervisiononaconsolidatedbasis(diversificationbenefits

7、,grouprisks)SolvencyIITimetablefor2007-2012Directivedevelopment(Commission)CEIOPSworkontechnicaladvicenecessaryforimplementingmeasures/supervisoryconvergence/preparationforimplementation/training&development2006200720082009201020112012Directiveadoption(Council&Parliament)Im

8、plementation(Memberstates)QIS2July2007SolvencyIIProposal-AdoptedDirectivepublished